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Sweden Inflation June 2023

Sweden: CPIF recedes to 15-month low in June

Consumer price inflation with a fixed interest (CPIF) inched down to 6.4% in June, edging down from May’s 6.7%. June’s result marked the weakest inflation rate since March 2022, but CPIF remained well above the Riksbank’s 2.0% target. Looking at the details of the release, the moderation was primarily due to prices for food and transport increasing at slower paces, which more than offset stronger housing and utilities price growth.

Accordingly, the trend pointed down mildly, with annual average inflation coming in at 8.6% in June (May: 8.8%). Meanwhile, consumer price inflation fell to 9.3% in June, from May’s 9.7%.

Finally, consumer prices with a fixed interest rate increased 0.95% in June over the previous month, picking up from May’s 0.10% rise. June’s result was the highest reading since December 2022.

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